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AIR - Airbus SE News Story

€98.37 1.6  1.7%

Last Trade - 07/05/21

Sector
Industrials
Size
Large Cap
Market Cap £67.27bn
Enterprise Value £69.59bn
Revenue £43.30bn
Position in Universe 14th / 848

Norwegian Air says restructuring progressing as planned

Fri 26th February, 2021 6:29am
OSLO, Feb 26 (Reuters) - Norwegian Air  NORR.OL  said on
Friday its examinership process in Ireland and reconstruction
process in Norway were progressing as planned and were expected
to end during the second quarter.
    It booked an impairment loss of 12.8 billion Norwegian
crowns ($1.50 billion) related to owned and leased aircraft as
well as pre-delivery payments on terminated aircraft orders in
the quarter, the company said in its earnings report.
    The budget airline was late last year given protection from
bankruptcy in both Norway and Ireland, where most of its assets
are registered, and is aiming to emerge from the process with
fewer aircraft and less debt. 
    Norwegian, which is currently negotiating terms with lessors
with the aim of cutting its fleet to 53 aircraft from the 140 it
had before entering the parallel examinership and reconstruction
processes, said its fleet of aircraft had shrunk to 131 at the
end of 2020.

($1 = 8.5399 Norwegian crowns)

 (Reporting by Victoria Klesty
Editing by Shri Navaratnam)
 ((victoria.klesty@thomsonreuters.com; +47 2331 6592; Reuters
Messaging: victoria.klesty.thomsonreuters.com@reuters.net))
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